Beth Baldus of West St. Paul takes in the view of the St.Croix River on the back deck during a vsist to the River Cities Marquette Model floating condo in Hudson, Wis. on Tuesday August 17, 2010. (Pioneer Press: Richard Marshall)

"Not bad," said Merle Danielson of Grant Township as he looks over the living room during a vsist to the River Cities Marquette Model floating condo in Hudson, Wis. on Tuesday August 17, 2010. (Pioneer Press: Richard Marshall)

A St. Paul native put aside his dream of a floating retirement community when the recession hit. Now, he’s reviving that vision with a sales boat showcasing a model condo unit.

Building contractor David Nelson has launched the Marquette model sales boat on the Mississippi River to show off a two-bedroom model unit in his planned floating condo community. The Marquette sales boat is docked in Bayport, after stops in St. Paul, Stillwater and Hudson, Wis.

To date, Nelson says 10 percent of the units have pre-sold for the planned 180-unit Marquette vessel that would migrate 10,700 miles of inland waterways.

“We’ll know in the next month whether the economy will affect us,” Nelson said of his River Cities Inc. venture.

Beyond the economy, will baby boomers with the cash be satisfied cruising to Memphis, Chattanooga and New Orleans?

University of St. Thomas real estate professor George Karvel said he’s seen concepts like this one internationally but never in the Midwest. He isn’t sure the destinations are exotic enough for those with the money to buy the units.

“I give the guy a lot of credit, I really do, but I have a concept problem,” Karvel said.

Nelson expects the floating condo community to appeal to retirees and people able to work from home who want to travel the United States but want their own beds.

Buyers essentially will be paying for construction. Nelson expects to start building when 90 percent of the units are sold. Buyers pay 25 percent down at purchase agreement. Then, when construction starts, buyers put down another 35 percent. At the halfway point of construction, buyers put in another 35 percent. At closing, they pay the final 5 percent.

Nelson expects to begin construction in the spring using a design that includes two vessels that can operate independently — or as one vessel when attached. The first-half Marquette is expected to be completed in September 2011 — and the second half in February 2012.

The 1,014-square-foot Marquette model includes a deck and would start at $550,000. A one-bedroom can run $400,000. Monthly fees of $1,200 to $2,200 will cover operating expenses, including staff salaries, insurance and other amenities.

In many ways, it’s similar to new units for sale in the Twin Cities, with Silestone countertops, stainless steel appliances and a washer/dryer in one of the two bathrooms.

“This is the level of quality all the units will have,” Nelson said.

Some differences from traditional condos: There are no wood floors because of building rules for boats to guard against fire. Another difference is that the cooktop/convection oven has an automatic door that closes in case of fire. Other than that — and the waterfront views — the unit could be in Lowertown.

Nelson looks to buyers Gale and Bill Tout as inspiration. The Maine retirees became so enamored with the concept they not only bought a one-bedroom unit but also have teamed up with Nelson as business partners.

“We had been through every retirement option you can imagine,” said Bill, a retired CPA and business executive.

They’d settled in at a Maine cottage but found the town too small and longed to travel. They tried the RV lifestyle but found it too transient. The floating condo community combined their desire for a home, neighbors and travel all in one.

“We both thought, ‘Oh, that would be neat,’ ” said Gale, who’s retired from a sales and marketing career.

Now, it’s a matter of seeing whether the concept appeals to others. Since starting the floating tour earlier this month, Nelson has made one sale but believes the many more enthusiastic responses he has received are good signs.

“It takes time for sales like this to process in people’s heads,” he said.

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